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Forum / State Landlord Tenant Law / What's an account that has "non compounded interest right at 1% per annum" for security despot holdings?

Hello ! My state requires that I hold my tenants security deposit in an account that will earn "noncompounded interest at 1% per annum," I call the banks and no one has heard of this or can help me, I have no idea what account to put this security despot in that meets that requirement? Please help

Chelsea B, HI on Saturday, August 9, 2014

RE: What's an account that has "non compounded interest right at 1% per annum" for security despot holdings?

This simply is an escrow account that does not bear interest. This way you are not making money on the security deposit it is simply put in holding.

Posted by Patty H, on Sunday, August 10, 2014

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